What Cap Rate are you seeing in Fort Lauderdale Area
Hello Friends! What kind of Cap Rates are you multi-Family and apartment buyers looking at right now in the Fort Lauderdale & Hollywood Areas? Thanks!
Fausto, I am a multi-broker and have a specialization in both these markets. I am seeing deals get done in the proforma 4.25-4.00 range. This is for a standard mid-70s product between 8-20 units. If you are in core Fort Lauderdale, we see 3.5 Caps as a new normal (My team and I just placed a deal under contract at a 3.5).... A better gauge for value in Hollywood is Price per Unit, which is about 160-170K/Door for all 1's. That is where I am receiving offers on my deals.
Goes without saying that SoFLo is very dense, and every neighborhood tells a different story on pricing - but the info above is a good generalization.
DM me if you'd like to see deals!